The ADRs sank up to 8.2%, the stock exchange touched minimum three months and the country risk exceeded 700 points

Argentine actions and bonds deepened their losses This Tuesday, February 11 and the S & P Merval in dollars collapsed its lowest level in three months, by scoring its third largest daily fall since August, in the midst of some doubts of investors waiting for novelties around an eventual agreement for the debt with the International Monetary Fund (IMF).

In the variable income segment, The leading Byma panel gave 4.9% to 2,273,568 points, while, measured in dollars (CCL), sank 5.4% to 1,911 points, minimum since mid -November.

Thus, the actions that fell most were those of the financial sector: Supervielle Group 7.1%collapsed; BBVA Bank6.5%, Galicia Financial Group, 5.9%; and Macro Bank, 4.2%.

In Wall Street, meanwhile, ADRS closed with generalized casualties to the 8.2%, headed by Grupo Supervielle (-8.2%), Telecom (-7.7), BBVA (-7.3%), Galicia Financial Group (-7%), Edenor (-6.4% ) and Banco Macro (-6.2%).

The president himself Javier Milei said Monday during a television interview that “Only the bun” lacks the agreement with the agency, adding that “it will include fresh funds” to capitalize on the Central Bank (BCRA), without giving more details. But the market shows some distrust.

That is why the Minister of Economy, Luis Caputo had to speak on Tuesday. The official said the fund loan “goes to be for the first four -month period ” And he said he will not represent a new debt. “The agreement implies new silver and not new debt”Said the head of the Palace of Finance, in statements to the press. “With that, the treasure will repurchase debt to the Central Bank, the public sector is replaced as a creditor,” he said.

For Pablo LazzatiCEO of Insider Financethere are only three factors that could change the perspective of the S&P Merval, a “Labor reform, tax reform and according to the IMF (minimum of US $17,000 million)”.

“While it is true that a new disbursement of the fund would bring calm and predictability at least for a few months, the truth is that the two reforms raised would be the only propellant variants so that the local market breaks again the maximums reached. For the moment, for the moment, for the moment, for the moment, for the moment, for the moment, for the moment, for the moment, for the moment, for the moment, for the moment, for the moment, for the moment, for the moment, for the moment, for the moment. We do not see that this happens in the short term beyond that the three issues are already installed on the agenda and gradually progress, “said Lazzati, which estimated that the floor of the leading index would be between US $ 800 YU $ S900same levels of principle 2024, “but if any of these three news takes strength, the rebound will be anticipated.”

“There is a strong market adjustment, on the one hand for profits against recent records, and on the other, the external context is adverse with the new tariffs imposed by (Donald) Trump” in the United States, An analyst of the private Macro Bank said.

For Leonardo Chialva, DIRECTOR OF DELFHOS INVESTMENT, there was true “Noise” in the market, by the work of the “Hedge Funds” (Coverage Funds) Brazilian, “moving the contributions of both sides.” In fact, the Bovespa, which started very well the year, against the S&P Merval, closed on Tuesday with a rise of 0.8%.

“We believe it can be a healthy correction after the impressive rally of Argentine assets in 2024, although we continue to see factors to monitor,” Juan Franco, chief economist of the SBS group, said. “We highlight mainly to the exchange factor, with a real exchange rate that continues to be appreciated and has consequences on external accounts. In addition, market expectations will have to be followed closely that, although today they are favorable in the sense that a devaluation, they could eventually be influenced by external volatility “he said.

Together with the government’s commitment not to devalue the peso, the wholesale dollar quoted balanced $ 1,056.50, with a Blue with slight rise at $ 1,210, which threw a 14.5%gap.

Bonds and Risk Country

In the fixed income segment, meanwhile, the Bonds in dollars deepened their correctionand the country risk exceeded 700 basic points.

The titles in hard currency fell to 2% headed by the Bonar 2041followed by Global 2046 (-1.7%), the Global 2041 (-1.7%), Bonar 2038 (-1.3%) and the Bonar 2029 (-1.1%).

For its part, the country risk, prepared by the American bank JP.Morgan, He jumped 4.9% (33 units) to 710 basic pointsand rolled to similar levels noted at the middle of last December.

Before the lack of immediate catalysts, the market attention focuses on the next debt tender that the Treasury will carry out this Wednesday and the inflation fact that INDEC will reveal this Thursday.